Divorce financial settlement solicitors

Welcome to our Stow talks howto series I’m Joanna Dale an associate at Stow family law and in this video we will look at the types of information you need to pull together for your financial settlement in divorce making a financial agreement with your ex partner is a very important part of the divorce process decisions made now can have a lasting impact on your financial security and future to ensure a fair and reasonable settlement it is crucial that you have a clear picture of your own and any shared assets and debts and understand what income you need to live on now and in the future this requires people to gather a wealth of information and paperwork at the start of the process before they start negotiations this information can then be used to help people complete their for me which is a standard court form the information you need for your financial settlement any assets you will need the following information on any assets you and your ex partner have details of any property that you currently own by yourself or jointly including the current value of any property this should be EV valuation preferably carried out in the last six months any remaining mortgage on the property so you will need to obtain a mortgage Redemption statement if applicable the land register title number and a copy of the title Deeds for the property this can be obtained from the land registry website or your mortgage company details of any private pensions you have to get the information required you will need to contact your pension provider for a CV which is a cash equivalent transfer value statement and also ask them for any information about whether they can accept and deal with pension sharing orders as well as their costs for implementing them any bank accounts savings ises premium bonds cryptocurrency shares or any other assets that you may have you will also need to provide 12 months of bank statements and current values if any of your accounts have recently been closed you should provide proof of closure from the bank and evidence of where the funds or Investments went we should provide any income you receive including from Paid employment you should provide your last three pay slips and all your tax returns if you are self-employed or in a Business Partnership you will need detailed information and it may be helpful to ask your accountant to help you details of any additional income you get for example from invest ments or rental properties you own any benefits you may receive for example Child Benefits or Universal credits do you have any business assets you need to disclose or any insurance and endowment policies all assets you have in your sole name or joint name with your partner over the value of £500 should be disclosed and also any assets you may have an interest in such as property you share with family members any liabilities or debts you will need information on any debts liabilities you and your ex partner have including credit cards and Store card statements any loans including those you may have with friends or families including a recent statement of how much you have outstanding and what the repayment plan is any Finance agreements for example for a car Furniture electrical equipment TVs Etc your future future income needs it is important to think about what resources and income you will need to maintain a reasonable standard of living following your divorce both immediately and if they will potentially change this does not need to be exact figures but it is helpful to know approximately what your income needs are and the income you will need to meet those to then be able to negotiate a reasonable and fair settlement there are many things that you can include when working out your income needs including accommodation costs EG your mortgage or rental payments your household expenses such as utility bills council tax Etc car and transport costs children so additional costs just specific to any children you have and personal expenses to help you can find further information and a comprehensive checklist in the guide in the show notes of this video if you are looking to buy another property it is useful to research the market value for houses that reasonably meet your needs further clarify Your Capacity to borrow on a mortgage by obtaining a mortgage capacity report from a mortgage advisor it is also advised to think about any additional Capital needs you may have for example if you need to buy a car to get to work and how much this would cost you what if you cannot get the information there is a lot of information to gather for a financial settlement and it is your duty to provide transparent and honest disclosure however sometimes it may be difficult to Source all the details if you are struggling to get certain information it is important to evidence your attempts to obtain the details Financial disclosure duty is also ongoing so information can be provided as negotiations and discussions continue what happens next now now that you have all the information required for your financial settlement the next step is to complete your form e this is a lengthy form of over 30 pages and can look overwhelming in the beginning therefore it is best to work through it section by section and take your time some sections may not be relevant to you if you don’t have those assets and can therefore be left blank the importance of legal advice it is important to get legal advice as the outcome of your financial settlement can impact your immediate and long-term future and Financial Security decisions made now can have far-reaching implications family lawyers are specialists in this area and are experience in guiding clients through the completion of a form e and negotiating a financial settlement they will ensure you have all the relevant paperwork and evidence required if you are engaged in full and Frank disclosure they can advise you on whether the agreement is fair and reasonable and meets both party’s needs for more Stow talks how-to videos and further free resources visit stowefamilylaw.co.uk